Pennsylvania credit union memberships increased by 0.7% (2.8% annualized) in the fourth quarter of 2014. The 1.8% full-year increase in memberships is especially impressive given the fact that the state's population was unchanged in the year, the league said

Further improvement in labor markets, higher incomes, higher confidence, still-low market interest rates and an abundance of pent-up demand all helped bolster Pennsylvania credit union loan portfolio growth during the final three months of 2014. The 1.8% quarterly increase (7.2% annualized) compares with a 1.4% increase in the year-ago period.

The loan success was led by vehicle lending and a 5.2% quarterly increase in new-auto loans. Credit cards increased by 4.1% in the quarter--reflecting brisk holiday shopping. First mortgages increased by 2.8%, and member business loans increased 2.5% in the quarter.

Full-year loan growth of 6.6% was the fastest calendar-year result since 2009 when a 9.4% increase was posted.

Loan quality was little-changed in the quarter but the 0.99% year-end 2014 delinquency ratio was the lowest year-end number reported since 2007, and the 0.56% full-year net charge-off rate was the lowest calendar-year total reported since 2007.

Pennsylvania credit union earnings remained strong with annualized return on assets (net income as a percentage of average assets) of 0.40% in the fourth quarter. Full-year earnings totaled 0.54% on average assets--nearly matching 2013 results.

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